Stock Watch: Roche’s Long Shot Over Its Patent Cliff
Is Big Pharma Losing Its Defensive Investment Attributes?
The pharmaceutical sector has historically provided generalist fund managers with a defensive tilt to offset their more cyclical exposures. But the opening announcements of third-quarter earnings season may show this counterbalance is under threat.
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Johnson & Johnson investors are turning attention to 2023, when the company's top-selling drug is set to face biosimilar competition in the US for the first time.
Roche's pharma revenues declined in the third quarter, but the Swiss major is hoping that Tecentriq in adjuvant settings can boost future revenues – and that, just maybe, it will have a win from its Alzheimer’s candidate too.
In a third-quarter earnings report that was difficult to fault AstraZeneca left big pharma earnings season on a high note. But raised full-year guidance depends on Evusheld sales and maybe China.